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(Z2) Bearish Candlestick Patterns

  • RES 4: $99.79 - High Jul 5
  • RES 3: $97.38 - 61.8% retracement of the Jun 8 - Sep 26 downleg
  • RES 2: $95.55 - High Aug 30
  • RES 1: $89.24/93.74 - High Nov 9 / 7 and key resistance
  • PRICE: $85.71 @ 06:45 GMT Nov 10
  • SUP 1: $85.30 - Low Oct 31 and a key support
  • SUP 2: $81.30 - Low Oct 18 and a bear trigger
  • SUP 3: $78.36 - Low Sep 30
  • SUP 4: $75.70 - Low Sep 26 and a key medium-term support

The latest pullback in WTI futures undermines the recent bullish theme and suggests scope for a continuation lower near-term. A bearish shooting star candle Monday was followed by a bearish engulfing candle formation on Tuesday. These patterns highlight a short-term reversal. A continuation lower would open $81.30, the Oct 18 low. On the upside, key short-term resistance has been defined at $93.74, the Nov 7 high.

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